Tuesday, August 24, 2010

8/24 Forex

  • USD/JPY shows bear signal on slide.
ppspps openupper pivotlower pivot
EUR/USD US$1.26 US$1.32 aug11 US$1.34 US$1.25
USD/JPY¥83.65 ¥85.15 aug24 ¥88.41 ¥83.96
GBP/USD US$1.54 US$1.59 aug11 US$1.60 US$1.51
EUR/JPY ¥105.64 ¥113.50 aug10 ¥115.86 ¥108.62
USD/CAD C$1.06 C$1.04 aug20 C$1.06 C$1.01
USD/MXN M$12.99 M$12.70 aug20 M$13.00 M$12.24

Today's USD/JPY bear signal is accompanied by a deep price decline -- 1.9% so far -- that suggests that it will persist throughout the trading day in the United States. The pair had previously been marked as in bear phase, but the Aug. 19 bear signal proved to be a ghost.

The price decline carried the pair from the first monthly lower pivot through the second lower pivot, down to levels last seen in 1995.

The EUR/JPY pair is showing and even greter decline -- 2.2% so far -- but has remained above the second lower pivot. The pair has been in bear phase since Aug. 10.

The analysis uses the daily Person's Proprietary Signal, developed by John Person, and the monthly Person's Pivot, which he also developed.

These are black box signals -- the "proprietary" means that Mr. Person knows how they work under the hood, and I don't. But they have shown a fair degree of success in identifying good entry and exit points, and I find them useful.

On the glance, "pps open" means the price at the start of trading in the United States on the day the signal appeared.

Tim Bovee, Private Trader tracks the trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.

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